Stossel’s Myths
Nathan Goodman called my attention to this recent piece by John Stossel: “Myths about Capitalism: Confronting the Biggest Lies about American Business.” I can’t resist commenting. 1. Capitalism is mostly cruel and unfair Notice that the subtitle of Stossel’s article suggests that “capitalism” is synonymous with “American business.” Genuinely freed markets are not mostly cruel and unfair. But I think it’s a stretch to assume that the same is true of big businesses that operate with all sorts of privileges from the state and that benefit from a long history of injustice and dispossession . Big business in America does not enjoy its power and privilege in virtue of a freed market, and there is no reason to think business leaders desire a freed market. The cruelty and unfairness of big business—at home and abroad—may have little to do with free(d) markets, but they’re systemic features of “capitalism”—if by that term is meant “rule by capitalists” or “the economic system we ha...